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Accounts - Principles of Accounts Past Questions and Answers

Jamb Accounts - Principles of Accounts Questions

Question 26:
In the balance sheet, the subscription in arrears will be?
  • A N200
  • B N300
  • C N1,200
  • D N1,300
View Answer & Explanation
Question 27:
Where the debit side of the income and expenditure account is higher than the credit side, the difference is a?
  • A Deflicit
  • B Surplus
  • C Gain
  • D Loss
View Answer & Explanation
Question 28:
In the balance sheet of a not-for-profit-making organization, subscription paid in advance is regarded s a?
  • A Current assets
  • B Current liability
  • C Capital
  • D Reserve
View Answer & Explanation
Question 29:
A rapidly growing business organization with multiple units that is interested in comparing the performances and weaknesses of each unit should adopt?
  • A Manufacturing accounts
  • B Consolidated accounts
  • C Departmental accounts
  • D Joint venture accounts
View Answer & Explanation
Question 30:
How are credit sales by a department treated?
  • A The same way as normal debtors' transactions
  • B In a different way from normal debtors' transactions
  • C As an addition to the production manager's account
  • D As an addition to the production managers' account
View Answer & Explanation